InterContinental Hotels Group PLC Share Buyback Programme (3304V)
August 09 2022 - 1:01AM
UK Regulatory
TIDMIHG
RNS Number : 3304V
InterContinental Hotels Group PLC
09 August 2022
9 August 2022
InterContinental Hotels Group PLC (the "Company")
Purchase of own shares
The Company announces that it will commence a share buyback
programme to purchase ordinary shares of 20 (340/399) pence each in
the Company ("Shares") with aggregate value of up to USD 500
million (the "Programme") in line with its strategy to return
surplus capital to shareholders.
In connection with the Programme, the Company has entered into
an agreement with Goldman Sachs International ("Goldman Sachs") in
relation to the purchase by Goldman Sachs, acting as principal and
in accordance with certain pre-set parameters, of Shares. Under
this agreement, the Company has instructed Goldman Sachs to
purchase Shares with value of up to USD 500 million. Purchases of
the Company's Shares pursuant to the Programme will commence
immediately and will end no later than 31 January 2023. Goldman
Sachs will make trading decisions in relation to the Programme
independently of, and uninfluenced by, the Company with regard to
the timing of the purchases. Any purchase of Shares by Goldman
Sachs contemplated by this announcement will be carried out on the
London Stock Exchange, Cboe Europe Limited through the BXE and CXE
order books and/or on Turquoise. Shares purchased by Goldman Sachs
will be on-sold by Goldman Sachs to the Company, and any purchases
of Shares by the Company from Goldman Sachs under the Programme
will be carried out on the London Stock Exchange.
The purpose of the Programme is to reduce the issued share
capital and it is expected that the first 4.5 million shares
purchased will be held as treasury shares and the balance of shares
purchased will be cancelled.
Any purchases under the Programme shall take place in accordance
with (and subject to the limits prescribed by) the Company's
general authority to repurchase Shares granted by its shareholders
at the Annual General Meeting on 6 May 2022 (the "2022 Authority")
and any further authority to repurchase Shares as may be granted by
its shareholders from time to time and Chapter 12 of the Financial
Conduct Authority's Listing Rules. The maximum number of Shares
that the Company is authorised to purchase under the 2022 Authority
is 18,401,631. Purchases of Shares by Goldman Sachs under the
Programme shall take place in accordance with the Market Abuse
Regulation (EU) No 596/2014 (as in force in the UK and as amended
by the Market Abuse (Amendment) (EU Exit) Regulations 2019) and the
Commission Delegated Regulation (EU) No 2016/1052 (as in force in
the UK and as amended by the FCA's Technical Standards (Market
Abuse Regulation) (EU Exit) Instrument 2019).
The Company will make further regulatory announcements to
shareholders in respect of purchases of Shares under the Programme
as they occur.
For further information, please contact:
Investor Relations: Stuart Ford (+44 (0)7823 828 739);
Aleksandar Milenkovic (+44 (0)7469 905 720);
Joe Simpson (+44 (0)7976 862 072)
Media Relations: Amy Shields (+44 (0)7881 035 550); Claire Scicluna (+44 (0)7776 778 808)
About IHG Hotels & Resorts:
IHG Hotels & Resorts [LON:IHG, NYSE:IHG (ADRs)] is a global
hospitality company, with a purpose to provide True Hospitality for
Good.
With a family of 17 hotel brands and IHG One Rewards , one of
the world's largest hotel loyalty programmes, IHG has over 6,000
open hotels in over 100 countries, and more than 1,800 in the
development pipeline.
-- Luxury & Lifestyle: Six Senses Hotels Resorts Spas ,
Regent Hotels & Resorts , InterContinental Hotels & Resorts
, Vignette Collection , Kimpton Hotels & Restaurants , Hotel
Indigo
-- Premium: voco hotels , HUALUXE Hotels & Resorts , Crowne
Plaza Hotels & Resorts , EVEN Hotels
-- Essentials: Holiday Inn Hotels & Resorts , Holiday Inn Express , avid hotels
-- Suites: Atwell Suites , Staybridge Suites , Holiday Inn Club Vacations , Candlewood Suites
InterContinental Hotels Group PLC is the Group's holding company
and is incorporated and registered in England and Wales.
Approximately 325,000 people work across IHG's hotels and corporate
offices globally.
Visit us online for more about our hotels and reservations and
IHG One Rewards . To download the new IHG One Rewards app, visit
the Apple App or Google Play stores.
For our latest news, visit our Newsroom and follow us on
LinkedIn , Facebook and Twitter .
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